Why Do I Need to Sign a Buyer Broker Agreement to See a Home? 

Industrywide changes come into effect August 17 and that means the way you tour homes is going to change as well. In order for a realtor to show you a home, you’ll need to sign a compensation agreement with that agent. The commitment period is flexible and it doesn’t have to be an exclusive agreement, but you and your agent do need to agree on that buyer’s agent commission before they can show you the home. This is a big change for buyers. They never had to worry about this because the listing agent and the seller had already agreed to the buyer’s agent fee, and the fee was listed in the MLS. So most buyers never really had to have that conversation with their agent. The reason for this change is mostly about transparency and leaving more up to the consumer. The role of the buyer’s agent is more clearly identified to the buyer, the fee that that agent makes is decided up front. Your agent is going to work that fee into your offer and negotiate for you to have the seller pay it, similar to how they’ve always paid it. 

And keep in mind, you don’t have to have an agent. You can choose to be unrepresented. And all commissions are negotiable. My biggest tip for buyers is to vet your realtor so you have a great one that will negotiate for you. If you’d like to talk more about the changes and how they impact you, you can always text us.